macroafricaintel Daily Brief | 27 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asia shares rise on more stimulus hopes but dollar loses steam
  • Markets take US jobless claims in stride
  • Coronavirus pandemic ravages global economy
  • Investors pinning hopes on stimulus

Oil Markets

  • Oil gains as govt pledge support amid coronavirus chaos
  • Brent up 0.8% at $26.56 a barrel (0415GMT)
  • WTI up 1.9% at $23.02

Precious metals

  • Gold eases on profit-taking but set for best week in 11 years
  • Platinum, palladium poised for best week ever
  • Silver heads for its best week since 2008
  • Spot gold down 0.4% at $1,622.65/oz. (0312GMT)
  • US gold futures down 0.7% at $1,640/oz.

Grains

  • Soybeans set for best week in 6 mths on production shortfall worries
  • Soybeans up 2.5% for the week, biggest gain since Oct
  • Wheat poised to extend 2-wk gains to 10%
  • Corn set to finish the week up 1%

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • South Africa locks down for 21 days
  • Moody’s decides on South Africa credit rating; downgrade expected

Key African events or data releases yesterday & early a.m today

  • G20 leaders to inject $5 trillion into global economy in fight against coronavirus
  • Oil slump scalps Nigeria, Angola, Mexico ratings; Saudi and Russia spared
  • Nigeria imposes cargo vessel restrictions to curb coronavirus spread
  • Zimbabwe cuts rates, miners send coronavirus distress signals
  • Nigeria suspends FX sales to retail currency traders
  • Egypt reports 39 new coronavirus cases, 3 deaths
  • Africa Oil – Spot trade frozen, some crude heads to China
  • Coronavirus delays South Africa Airways rescue plan to May
  • South Africans fear safety divide as coronavirus panic takes hold in cities
  • Africa’s window to curb coronavirus “narrowing every day” – WHO
  • South Africa stocks lifted by global markets, gold gains
  • Retailer Mr Price’s sales down 22% since South Africa declared disaster
  • Zimbabwe central bank cuts main lending rate to 25%
  • IEA says global oil demand could drop 20% as 3 bln people in lockdown
  • Egypt reduced GDP growth target for FY 2019/20 to 5.1% – minister
  • Kenya confirms first coronavirus death
  • Soiuth Africa coronavirus cases exceed 900, Ramaphosa urges G20 aid
  • G20 leaders say confident “we will overcome this” together
  • South Africa port closures add to commodity market turmoil
  • Namibia’s GDP contracts by 1.1% in 2019
  • EU to launch new Libya sea patrols from April – diplomats
  • Mali opposition leader taken hostage with six others – party
  • Aveng to stop mining activities during South Africa lockdown
  • Nigeria naira fell to new lows on official and spot markets
  • Fearing coronavirus, Africa city dwellers flee to the countryside
  • Egypt reduces GDP growth target for FY 2019-2020 to 5.1% – minister
  • South Africa ports to close for mineral exports, disrupting copper supply chain
  • South Africa small businesses pray govt aid eases coronavirus lockdown
  • Uganda shilling strengthens as banks’ demand eases
  • Mali opposition leader goes missing with 11 others – party
  • South Africa Airways rescue plan deadline extended to May 29
  • Libya’s NOC reports $555 mln in February revenue, down 69% m/m
  • South Africa President Ramaphosa tests negative for coronavirus – presidency
  • Kenya shilling strengthens due to slowing importer demand

N.B. Full stories of above headlines are available on Reuters

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